Asset Protection Trusts

Keep it in the Family……

If we had access to a crystal ball, knowing what the future has in store for us and planning accordingly would be easy. In reality, you wont get advance warning when things go wrong and life can be full of unexpected events, some of which you can protect yourself and your loved ones from.

Its the most natural thing in the world to want to pass down your hard earned assets to your children. Testament Legacy Planning can help you make sure that your family’s inheritance is not lost or diminished because of a change in either your or their circumstances.

The issue of Sideways Disinheritance is becoming increasingly common. Many years ago, divorce was relatively unheard of and if a husband or wife were to lose their spouse prematurely, it was usual for them to remain a widower.

Times have changed…….approximately 1 in 3 marriages now end in divorce and widowers commonly remarry, these changes can lead to sideways disinheritance – effectively disinheriting your own children and grandchildren.

• Most parents are not happy knowing that should they pass away leaving assets to their children, that they could lose half of what they left to them if they subsequently got divorced in the future – With a Family Trust you can protect their inheritance from being diluted in the event they get divorced.

• Most couples own their homes in joint names. When the first spouse passes away, the survivor will then own 100% of the house. What would happen if they remarried and then passed away before their new spouse? The house is likely to now be passed to the new spouse, not your children! Your children could end up with nothing! – You can protect your children from losing their inheritance in the event of a second marriage with a Family Trust.

Family Trusts have many other benefits such as;

– Protecting beneficiaries inheritance in the event they encounter financial hardship and assets become exposed to creditors as a result of bankruptcy etc

– Reduce or eliminate the need for probate, potentially saving thousands of pounds ensuring more of your hard earned assets go to your loved ones.

– Protecting a beneficiaries state benefits – You may have a vulnerable child / grandchild (or other loved one) who has a disability and is in receipt of state benefits. If they received even a small amount of inheritance they could have their disability benefits reduced or even stopped. Assets left in trust for vulnerable beneficiaries will not affect their entitlement from the state.

– Inheritance Tax Planning – Reduce your Inheritance Tax Liability by transferring assets into trust for your beneficiaries.

Contact us for a Free, No Obligation Consultation to see how a Trust could protect your family’s future